How to Protect Data During Financial Mergers and Acquisitions
With current economic conditions greasing the skids for a merger frenzy, the combination of massive financial institutions raises important questions about the handling of sensitive financial data. Financial institutions simply cannot overlook the technology and business processes needed to protect sensitive data and maintain a competitive advantage. Knowledge Center contributor Dave Meizlik explains how organizations can protect their sensitive data during a merger and acquisition.Today's financial climate is fueling a wave of mergers and acquisitions, particularly among financial institutions. With an infusion of fresh cash from the federal government, in the next six to 12 months we are likely to see weaker banks snapped up by larger institutions. This "fire sale" economy, where companies are snapped up for cheap with little time for due diligence, makes it difficult for the acquiring companies to take inventory of physical assets such as phones and computers, let alone understand and protect the sensitive data that's on all of those systems.
Financial organizations use and retain a massive amount of regulated and sensitive data that can sit on a file server, a laptop or other device. To secure their investment, purchasing organizations must quickly take inventory of the acquired company's information assets, gain visibility into where these assets are stored, find out who has access to them and make sure they are secure.